Is The Market Rewarding Betta Pharmaceuticals Co., Ltd. (SZSE:300558) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Betta Pharmaceuticals Co., Ltd. (SZSE:300558) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
It is hard to get excited after looking at Betta Pharmaceuticals' (SZSE:300558) recent performance, when its stock has declined 20% over the past three months. It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Long-term fundamentals are usually what drive market outcomes, so it's worth paying close attention. Particularly, we will be paying attention to Betta Pharmaceuticals' ROE today.
近三個月,貝達藥業(SZSE:300558)的股價下跌了20%,因此很難對其業績感到興奮。市場可能已經完全忽略了公司基本面的積極因素,更多地看重了其負面因素。長期的基本面通常是推動市場走勢的因素,因此值得密切關注。特別是今天我們將注意到貝達藥業的ROE。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率(roe)是一種關鍵指標,用於評估公司管理層如何有效利用公司資本。更簡單地說,它衡量了公司相對股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Betta Pharmaceuticals is:
因此,根據上述公式,貝達藥業的ROE爲:
6.8% = CN¥379m ÷ CN¥5.6b (Based on the trailing twelve months to March 2024).
6.8%=CN¥37900萬÷CN¥56億(截至2024年3月的過去十二個月)。
The 'return' is the yearly profit. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.07.
'回報'是年度利潤。因此,這意味着對於每一元股東投資,公司創造的利潤爲CN¥0.07。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前爲止,我們已經了解到ROE衡量公司如何高效地生成利潤。現在我們需要評估公司以後的增長潛力,即公司重新投資或“保留”的利潤。其他條件相同的情況下,同時具有較高的股權回報率和較高的利潤保留的公司通常是相對於不具備相同特點的公司而言增長率更高的公司。
Betta Pharmaceuticals' Earnings Growth And 6.8% ROE
貝達藥業的盈利增長和6.8%的ROE
At first glance, Betta Pharmaceuticals' ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 7.7%, we may spare it some thought. However, Betta Pharmaceuticals has seen a flattish net income growth over the past five years, which is not saying much. Remember, the company's ROE is not particularly great to begin with. So that could also be one of the reasons behind the company's flat growth in earnings.
乍一看,貝達藥業的ROE似乎並不特別有前途。然而,考慮到該公司的ROE與7.7%的行業平均ROE相似,我們可以認真考慮一下。然而,貝達藥業在過去五年中幾乎沒有淨利潤的增長,這並不意味着太多。請記住,該公司的ROE從一開始就並不特別出色,這也可能是該公司營收增長平穩的原因之一。
We then compared Betta Pharmaceuticals' net income growth with the industry and found that the average industry growth rate was 9.2% in the same 5-year period.
然後,我們將貝達藥業的淨利潤增長與行業進行比較,發現在同樣的五年時期中,行業的平均增長率爲9.2%。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240619/0-6ef8d0ac15f971da33898394554ff904-0-96e8fc96fd051b5ca584dd6dd58a0404.png/big)
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Betta Pharmaceuticals''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
盈利增長是股票估值的重要因素。投資者需要判斷下一個預期的盈利增長是否已經反映在股票價格中,從而幫助他們判斷股票的未來發展是否光明。如果您想了解貝達藥業的估值,請查看其市盈率相對於其行業的情況。
Is Betta Pharmaceuticals Efficiently Re-investing Its Profits?
貝達藥業是否高效地再投資其利潤?
Betta Pharmaceuticals' low three-year median payout ratio of 20%, (meaning the company retains80% of profits) should mean that the company is retaining most of its earnings and consequently, should see higher growth than it has reported.
貝達藥業三年的中值支付比率僅爲20%(意味着公司保留了80%的利潤),這應該意味着公司正在保留大部分收益,因此應看到比報告中報告的更高的增長。
Moreover, Betta Pharmaceuticals has been paying dividends for seven years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外,貝達藥業已經分紅七年,這是相當長的時間,表明管理層認爲股東優先選擇股息而不是盈利增長。
Conclusion
結論
Overall, we have mixed feelings about Betta Pharmaceuticals. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總體而言,我們對貝達藥業有一些矛盾的看法。雖然該公司確實具有較高的再投資率,但低ROE意味着所有再投資都無法爲其投資者帶來任何好處,並且其對收益增長產生了負面影響。即便如此,最新的行業分析師預測顯示,分析師們預計該公司的盈利增長率將有很大提高。如需了解有關公司未來盈利增長預測的更多信息,請查看有關該公司的分析師預測的免費報告。
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對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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